22 hours ago
3
Upgrade to High-Speed Internet for only ₱1499/month!
Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.
Visit Suniway.ph to learn
SOMERSET, N.J., April 02, 2025 (GLOBE NEWSWIRE) -- CareCloud, Inc. (the "Company”) (Nasdaq: CCLD, CCLDO), a leading provider of practice management, healthcare technology and AI-driven solutions to medical practices across the country, today announced the acquisition of RevNu Medical Management ("RevNu”), an emerging audiology-focused revenue cycle management ("RCM”) company based in Westminster, California.
"We've spent years building trusted relationships within the audiology community, and we couldn't be more excited to join forces with CareCloud,” said Clay Gililland, founder of RevNu. "That experience has given us a deep understanding of the industry's needs-insights we're excited to put into action as RevNu joins CareCloud. As both the founder of RevNu and the owner of more than 30 hearing health clinics across Southern California, I'm confident that our clients and the broader industry will benefit greatly from CareCloud's technology, automation, and scale.”
"The closing of RevNu marks a significant milestone in our acquisition strategy and a strategic expansion into a specialty care market lacking a clear leader,” said Stephen Snyder, Co-CEO of CareCloud. "RevNu's deep expertise in audiology and strong, trusted client relationships make it an exceptional addition as we accelerate growth in underserved markets. By deploying our AI-powered revenue cycle management and advanced technology infrastructure in the hearing healthcare space, we are well positioned to expand our footprint, capture new market share, and accelerate CareCloud's overall growth.”
The U.S. audiology market is believed to include approximately 24,000 employed audiologists and hearing aid specialists, with annual spending on hearing aids exceeding $5 billion. Despite this scale, the segment remains minimally penetrated by outsourced RCM and practice management vendors. RevNu-while still relatively small-is among the leading RCM providers in this space. With the added resources and technological depth of CareCloud, the combined entity is well-positioned to accelerate growth.
"Through this combination, our clients will gain access to CareCloud's powerful suite of tools, advanced infrastructure, and culture of innovation-all of which will improve outcomes and unlock new growth potential,” said Daniel Davis, former CEO of RevNu, who will lead CareCloud's growth as President of its new hearing healthcare division. "I'm excited to spearhead the expansion of CareCloud's audiology and hearing aid billing division and build on the foundation RevNu has created to capture new market share and drive growth.”
Get the latest news
delivered to your inbox
Sign up for The Manila Times newsletters
By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service and Privacy Policy.
The RevNu acquisition, like the MesaBilling acquisition closed a month ago, is expected to be accretive within ninety days. Consideration will be paid quarterly, based on retained revenue.
About CareCloud
CareCloud brings disciplined innovation and generative AI to the business of healthcare. Our suite of technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care while reducing administrative burdens and operating costs. Learn more about our products and services including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health at www.carecloud.com.
Follow CareCloud on LinkedIn, X and Facebook.
Disclaimer
This press release is for information purposes only, and does not constitute an offer to sell or solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
Forward-Looking Statements
This press release contains various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may,” "might,” "will,” "shall,” "should,” "could”, "intends,” "expects,” "plans,” "goals,” "projects,” "anticipates,” "believes,” "seeks,” "estimates,” "predicts,” "possible,” "potential,” "target,” or "continue” or the negative of these terms or other comparable terminology.
Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct.
Forward-looking statements in this press release include, without limitation, statements reflecting management's expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, the impact of pandemics on our financial performance and business activities, and the expected results from the integration of our acquisitions.
These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry's) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company's ability to manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, develop new technologies, upgrade and adapt legacy and acquired technologies to work with evolving industry standards, compete with other companies' products and services competitive with ours, and other important risks and uncertainties referenced and discussed under the heading titled "Risk Factors” in the Company's filings with the Securities and Exchange Commission.
The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
SOURCE CareCloud
Company Contact:
Norman Roth
Interim Chief Financial Officer and Corporate Controller
CareCloud, Inc.
Investor Contact:
Stephen Snyder
Co-Chief Executive Officer
CareCloud, Inc.
